Median home prices nationwide hit all-time highs while the number of homes for sale fell to all-time lows during November, according to a Redfin analysis.
Over the four-week period ending Nov. 28, the national median home sale price hit $360,375, up 14% year over year. And number of homes for sale fell by 26% to 538,695.
So what do these trends look like in the Sacramento metro area? Here’s a breakdown of key stats, per Redfin’s weekly housing market data.
How many new listings were posted last month?
Between Oct. 25 and Nov. 21, the Sacramento metro area saw 549 new listings. That’s a decline of 66% compared to 2020, but it is a number much closer to what the area has seen in years past. For example, in 2019, there were 505 new listings between Oct. 28 and Nov. 24.
What’s the median home sale price?
Around $549,000. That’s 15% greater than last year’s figure, and more than $100,000 above 2019 prices.
How many homes were sold?
Fewer homes sold between Oct. 25 and Nov. 21 in 2021 on the order of a 9.5% decline year over year. While this year around 713 homes sold during that period, last year that number was closer to 788. Those 2020 home sales did drop off in December though, falling to 709 for the period between Nov. 30 and Dec. 27.
How fast are homes selling?
In Sacramento, around 58.9% of homes for sale went off the market in two weeks. That’s a slightly lower number than in 2020, when 62.7% of homes were off the market in two weeks. Still, both the 2020 and 2021 numbers are high compared to 2019: That year, 40.6% of homes went off the market in two weeks for the period between Oct. 28 and Nov. 24.
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